A.P. Chowdhri, President:
1. Brief facts of the case are that Mr. Vishwa Ranjan, complainant for short, was holder of 15 redeemable debentures of Rs.l50/-each of M/s. Arihant Industries Ltd., hereinafter referred to as the opposite party. The debentures carried interest @ 14% p.a. and was payable every six months. In his complaint dated 12.7.1995, the complainant sought direction to the opposite party to pay the redemption money as also the interest which had been agreed from 1.4.1994 onwards according to the terms and conditions of the debentures. The case was contested by the opposite party. Interalia, objection regarding lack of territorial jurisdiction was raised. District Forum-II upheld the objection on the ground that the opposite party Company had no office in Delhi and no part of cause of action had arisen within the jurisdiction of this Commission. Aggrieved by the order, the complainant has preferred this appeal. We have heard the appellant in person and Mr. Raman K. Soo Company Secretary of the respondent Company and have carefully gone through me records.
2. In the reply filed in the course of the appeal it was admitted in para 5(b) that the respondent Company had a branch office at New Delhi. In view of the said admission the FORA at Delhi had jurisdiction in view of the provisions of Section 11(2)(a) of the Consumer Protection Act.
3. The next grievance of the appellant is that the payment as redemption money, on the one hand, and as interest, on the other hand had been made after considerable delay resulting in loss and harassment to the complainant.
4. The following table sets out the amount due on account of redemption money in respect of the debentures in question.
|Installment||Due on||Actually Paid|
|With regard to interest the admitted position is as under :|
|Interest due on||Paid on|